ANLI(300218) 国泰海通证券·2025-05-16 11:15Investment Rating - The investment rating for the company is "Accumulate" with a target price of 23.40 [2][11]. Core Insights - The company has achieved continuous revenue growth through customer and product upgrades, with a 9.43% year-on-year increase in the average selling price of its main products in Q1 2025 [3][11]. - The company is expected to maintain a positive growth trajectory in various sectors, including functional footwear materials, automotive interiors, and electronic products, with projected EPS for 2025-2027 being 1.17, 1.48, and 1.75 yuan respectively [11]. - The gross margin has returned to a normal operating range of 26.81% in Q1 2025, reflecting improved pricing power and competitive strength [11]. Financial Summary - The company reported a revenue of 555 million yuan in Q1 2025, representing a 2.59% year-on-year growth, and a net profit attributable to shareholders of 46.42 million yuan, up 12.47% year-on-year [11]. - The total market capitalization is 3,324 million yuan, with a total share capital of 217 million shares [4]. - The company’s net asset per share is 6.80 yuan, with a current price-to-book ratio of 2.3 [5]. Financial Forecast - The projected revenue for 2025 is 2,718 million yuan, with a net profit of 253 million yuan, indicating a growth rate of 13.1% and 30.5% respectively compared to 2024 [10][12]. - The company’s return on equity (ROE) is expected to improve from 13.6% in 2024 to 17.9% in 2027 [10][12]. - The price-to-earnings ratio (P/E) is projected to decrease from 17.12 in 2024 to 8.73 in 2027, indicating an attractive valuation over time [10][12].